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How to Get the Best Interest Rate When Buying a Vehicle

Five Tips on How to Get the Best Interest Rate When Buying a Vehicle:

It can be nerve-wracking to think about how to finance your vehicle. You know you want a good loan but aren’t too sure of how to go about it. Our advice, is that you do your homework and look around before settling on anything.

  1. Find Out Your Credit Score: Find out what your score is because if you don’t know your score, you may get a higher interest rate than you actually qualify for.

  2. Understand What Your Score Means: If you have a high score you will get the best low-interest rate, if you have a mid-range score you will get a middle-range rate and low rate will offer higher interest rates. Knowing where you stand will help to prevent surprises.

  3. Research Interest Rates: Know what kind of interest rate will be made available to you. Keep in mind that rates vary widely depending on the type of financial institution you are looking at.

  4. Keep an Eye on a Loan’s Total Cost: You want to balance a loan’s total cost against a monthly payment you can afford. Sign up for the shortest term length you can afford to keep you total interest lower.

  5. The Car You Are Buying: Are you buying new or used? New car rates are often the lowest.

The team at Legacy Ford Rimbey wants to make sure your car buying experience is a good one. You need to prepare yourself to ensure you get the best possible financing for your dream vehicle.

Sales Team

Legacy Ford Rimbey

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